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A Risk Control Matrix That Proves Your Controls Actually Work
We map every key risk in your processes to the control that manages it — then test whether that control holds. The result is one clear, evidence-based document your board, auditors, and investors can trust.
Our RCM Service at a Glance
What Is a Risk Control Matrix
An RCM Turns "We Think We're Covered" Into Documented Proof.
Most businesses believe their controls are working — until an error, a fraud, or an audit qualification shows otherwise. A Risk Control Matrix removes the guesswork.
Built by PKJN & Associates LLP, an RCM is a single structured document that links every key risk in a process to the specific control that manages it — recording the control's type, owner, frequency, evidence, and whether it actually operates effectively. It's the backbone of Internal Financial Controls, internal audit, and any credible risk framework.
An RCM is the natural bridge between our Risk Advisory and Audit & Assurance work — it documents, in one place, exactly how your risks are controlled and tested.
What an RCM Documents
- Every key risk across a business process
- The specific control that mitigates each risk
- Control type — preventive / detective, manual / automated
- Control owner, frequency & supporting evidence
- Risk rating by likelihood and impact
- Test procedures and testing results
- Control gaps with clear remediation actions
- Alignment to IFC / ICFR under the Companies Act 2013
What We Deliver
Six Components of a Complete Risk Control Matrix
Each RCM is built from your actual processes — never a generic template — and scoped to your entity's size, sector, and compliance obligations.
Process Risk Mapping
We walk through your end-to-end processes — procure-to-pay, order-to-cash, payroll, inventory, financial close — and document exactly what could go wrong at each step, from the source records outward.
Process DocumentationControl Identification & Design
For every risk we catalogue the controls already in place, assess whether they're adequate, and design new preventive or detective controls to close any gaps — with clear ownership built in.
Control FrameworkRisk Rating & Prioritisation
Each risk is scored by likelihood and impact and plotted on a heat map, so effort and controls are focused first on the exposures that matter most to your business — not spread thinly across everything.
Risk Heat MapControl Testing & Gap Assessment
We test whether each control actually operates as intended — through inspection, re-performance, and sampling — then document exceptions and pinpoint the gaps that leave you exposed.
Effectiveness TestingIFC / ICFR Documentation
We build the RCM to support Internal Financial Controls reporting under Section 143(3)(i) of the Companies Act 2013 — documenting controls over financial reporting and evidencing their operating effectiveness.
Companies Act 2013RCM Maintenance & Monitoring
An RCM only stays useful if it stays current. We establish a review cadence and update the matrix as processes, systems, and risks change — so it remains a living control tool, not a one-off file.
Ongoing ReviewHow We Work
Our Four-Phase RCM Build Process
A structured engagement from understanding your processes to handing over a tested, ready-to-use matrix — with agreed timelines at every stage.
Process Walkthrough
We map each in-scope process end to end, documenting the flow, the source records, and the points where things could go wrong.
Risk & Control Identification
Risks are identified at each step and matched to existing controls; where controls are missing or weak, new ones are designed to close the gap.
Rating & Matrix Build
Risks are rated by likelihood and impact, and the full RCM is populated — control type, owner, frequency, evidence, and test procedure.
Testing & Remediation
We test control effectiveness, document exceptions, and hand over the matrix with a prioritised remediation plan and a review cadence.
Why Choose PKJN
An RCM Built on Evidence — Not a Downloaded Template
Anyone can hand you a generic spreadsheet of "typical" risks and controls. It won't survive an audit, and it won't reflect how your business actually runs. Our matrices are built from your real processes and tested against your real evidence.
As a Mumbai-based CA firm with 15+ years across audit, internal controls, and risk advisory, we know exactly what an RCM needs to contain to hold up under scrutiny.
Evidence-based, not generic
Every control mapped and tested against your actual records
IFC / ICFR expertise
Section 143(3)(i) documentation built to satisfy your auditors
Direct partner access
Senior professionals lead every engagement — not delegated to junior staff
A living tool
Designed to be maintained and refreshed — not filed away and forgotten
Industries We Serve
Risk Control Matrices Across All Major Sectors
Every matrix is tailored to your industry's processes, control environment, and regulatory requirements.
Manufacturing
Procurement, inventory & production controls with cost-record mapping
Trading & Distribution
Order-to-cash, GST & working-capital control documentation
Technology & IT
Revenue, access & automated control mapping for software firms
Real Estate & Construction
Project cost, billing & RERA-linked control frameworks
Healthcare & Pharma
Billing, inventory & compliance control matrices
Professional Services
Fee, expense & partner-account control documentation
Startups & SMEs
First control frameworks and investor-ready IFC documentation
Financial Services
Credit, treasury & RBI/SEBI-aligned control matrices
Related Services
Complete Audit & Compliance Coverage
An RCM works best as part of an integrated assurance strategy. Explore our related services from PKJN & Associates LLP.
Risk Advisory Services
Forward-looking risk identification, internal controls & fraud prevention frameworks for a resilient business.
Explore ServiceAudit & Assurance
Statutory, tax & internal audits conducted with professional diligence and complete documentation.
Explore ServiceConcurrent Audit Services
Real-time transaction review and control monitoring — ideal for banks, NBFCs & high-volume businesses.
Explore ServiceIND AS Implementation
Transition support & technical guidance for Indian Accounting Standards adoption and financial reporting.
Explore ServiceFAQs
Common Questions About the Risk Control Matrix
Answers for business owners, CFOs, and finance teams considering RCM and IFC documentation in Mumbai.
Still Have Questions?
Our controls team is available for a free initial consultation. No obligation — just clarity on what your RCM needs to cover.
Book a Free Call Chat on WhatsAppReady to Document Your Controls the Right Way?
Speak to our controls team. We'll map your processes, build a tested Risk Control Matrix, and give you evidence your controls actually work — ready for your auditors.
📍 Suite No.102, Ashok Premises, Nicholas Road, Andheri East, Mumbai — 400069 | 📞 +91 98190 00511
